Banking

FINRA fines Deutsche Bank Securities $7.5 mln

SAN FRANCISCO (MarketWatch) -- The Financial Industry Regulatory Authority, or FINRA, said Wednesday that it has fined Deutsche Bank Securities Inc. $7.5 million for misrepresenting delinquency data in connection with the issuance of subprime securities. FINRA said the German financial firm misrepresented and underreported the percentages of mortgages that were delinquent in the prospectus supplements of six subprime residential mortgage backed securities issued in 2006. It also failed to correct errors by a third party vendor and servicers and failed to establish a system to supervise its reporting of required historical delinquency information. "It is critically important that firms provide accurate information for their customers to use in evaluating investments," said James Shorris, FINRA executive vice president and acting chief of enforcement, in a statement.

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